BRICSleaders discussed thecooperation within theassociation andtheagenda oftheupcoming G20 summit.

Speech atinformal meeting ofheads ofstate andgovernment ofBRICS countries

President ofRussia Vladimir Putin:Mr Modi, MrXi Jinping, PresidentZuma, President Michel Temer,

Iwould like tostart with our common strategy. We know that onthebasis oftheStrategy for BRICS Economic Partnership adopted atthelast year's BRICSsummitinUfa, Russia, new large-scale joint projects are being prepared forlaunch, primarily intechnology, industrial cooperation, energy, andagribusiness.

We intend toexpand contacts inother areas aswell- inscience, education, culture, onissues ofsocial policy, healthcare andsport.

We support cooperation between our parliaments, regions, trade unions, youth organisations andcivil societies.

Colleagues, we can see that contradictions intheworld are indeed escalating. Therise ofinequality between rich andpoor nations is growing, thestruggle forresources, foraccess toconsumer markets, forcontrol oftransport arteries is becoming more intense. This is thebackgrounds forthegrowing potential forconflict, ashotbeds oftension continue tomultiply.

MyBrazilian colleague has just mentioned thelong crisis that has engulfed theMiddle East andNorth Africa. Civil wars instigated from abroad, thedisintegration ofgovernment structures inIraq, Libya (which President Zuma spoke about with concern) andYemen, have turned this region into aplace ofchaos andafoothold forinternational terrorism which troubles all ofus, causing anuncontrollable wave ofmigration.

Theexpansion ofISIS andextremists ofall stripes united under its banners has become areal security challenge forour countries aswell, including Russia andits southern borders.

Themost dangerous situation is inSyria, which has already been discussed here. This is why we responded totherequest ofthelegitimate, let me stress, thelegitimate government ofthat country forassistance inthefight against terrorist groups.

TheRussian Aerospace Forces have dealt aheavy blow totheterrorists andtheir infrastructure, andhave preserved Syrian statehood, which Ithink is absolutely vital.

Together with other partners we managed toenforce aceasefire insome regions ofSyria andtolaunch inter-Syrian talks, because ultimately this sort ofconflict can only be resolved bypolitical means. We are confident that terrorist threats can only be countered byuniting theefforts ofall interested nations.

Ingeneral, theinternational community needs towork together tosolve other complex problems, including those facing theglobal economy, asMr Modi said, andMr Xi Jinping aswell.

Unfortunately, theworld economy has still not overcome theeffects of2008-2009 financial crisis, andglobal growth is still uneven andvery fragile. According toforecasts, growth is unlikely toreach thepre-crisis level before 2019. Among thelimiting factors is thevolatility onforeign exchange andcommodity markets, thelack ofcoordination ofmonetary policies, andthehigh debt levels indeveloped economies.

Inthis regard, we support thepriorities ofChina's G20 presidency, aimed atstimulating theglobal economy- especially through theintroduction ofmodern technologies.

We welcome Chinese President Xi Jinping's intensive work toprepare this G20 Summit andits substantive package offinal documents. It is encouraging that many ofthem build upon theG20 agreements made inthecourse ofour joint work inSt Petersburg, Russia.

It is important tostrengthen our countries' positions intheglobal financial system. Iwould like tocongratulate our Chinese partners ontheSpecial Drawing Right basket being expanded toinclude theChinese yuan from October1, 2016.

TheBRICS states have already increased their total share intheIMF capital to14.89 percent, very close totheblocking threshold of15 percent. Andthey certainly need tocontinue inthis direction, advancing thereform oftheIMF.

We need tomake theBRICS Pool contingent offoreign exchange reserves andtheNew Development Bank fully operational (here Itotally agree with mycolleagues), toadopt thebank#39;s strategy, toprovide loans inlocal currencies, andtobegin financing specific projects.

We are greatly concerned about theWTO situation, which was also mentioned here. That organisation is losing credibility, losing its status astheonly universal negotiating platform forthedevelopment ofglobal trade rules due tothestagnation oftheDoha Round. Asaresult, various private associations, such astheTrans-Pacific Partnership andTransatlantic Trade andInvestment Partnership, are gaining momentum; they seek toreplace theWTO rather than complement it.

We see this asaresponse bysome ofour partners todifficulties they encountered inthecourse ofWTO negotiations. But this is not thebest way tosolve problems. Thebest way is tonegotiate andreach acompromise.

Russia calls fortheharmonisation ofregional economic formats, based ontheWTO rules andprinciples, theprinciples oftransparency andrespect foreach other#39;s interests.

It is inthis spirit that we are shaping theEurasian Economic Union's activities andnegotiating thelinkage oftheEurasian Economic Union (EAEU) andChina's Silk Road Economic Belt.

Iam certain that inthefuture, all oftheabove will create agrand Eurasian partnership that is open tocooperation with all interested states andintegration alliances.

We hope todiscuss inmore detail theprospects forour group's development attheupcoming October15-16 summit inGoa, India. Onthat note, we wish Mr Modi andall our Indian friends success inpreparing that event.

Thank you.

Source: President of Russia.